Why You Should Shop For Landlord Insurance Outside of Hurricane Season

OUTSIDE OF HURRICANE SEASON IS IDEAL FOR LANDLORD INSURANCE

LANDLORD INSURANCE RATES FALL OUTSIDE OF HURRICANE SEASON

If you are renting out a property at all, no matter what type of tenants you have (families, students, assisted living, section 8 housing, etc.) then you are going to need landlord insurance.  However, when shopping for any type of insurance, you may want to know what is the most ideal time period in which to get the better insurance rates and save significantly.

What Is Landlord Insurance

In short, landlord insurance is a form of insurance that applies to your property, whether it is a multifamily or a single person dwelling.  Anytime you rent out your property, then the title would apply to you.  Landlord insurance offers many different types of coverage that would be a benefit towards your real estate investment.  For example, it not only covers property damage, but it also covers payment defaults, as well as other types of liabilities.  While landlord insurance does not cover every single claim, as it would depend on the type of insurance you buy, it does offer significant protection.

Why Should You For Landlord Insurance After Hurricane Season

After hurricane season, rates are typically lower than during hurricane season.   This is simply because the looming potential damage that could possibly occur, such as with flooding or wind and hail damage, is made more readily apparent.  This works as a benefit for real estate investors, who may be looking for a new insurance plan.  This also means that if your policy expiration also falls out of hurricane season, then it would be the perfect time to shop for insurance

Need Real Estate Insurance? Make Sure Your Agent Asks The Right Questions

REAL ESTATE INVESTORS, DOES YOUR INSURANCE AGENT ASK THE RIGHT QUESTIONS?

YOUR INSURANCE AGENT SHOULD UNDERSTAND THE TYPE OF INSURANCE THAT REAL ESTATE INVESTORS NEED

Too often, real estate insurance agents make a significant misstep by failing to ask the appropriate questions. For example, information such as who you are subcontracting (and whether or not they are insured), what kind of investment property type you have (for example are you housing for students or section 8 housing), as well as what type of construction you might be undertaking, are all relevant information. An insurance agent that specifically deals with this type of insurance will not only know to as these questions, but they will also know what the answers mean in terms of what types of real estate insurance rates you will see.

The Problem With Not Knowing About Real Estate Insurance

Without specific and direct questions, your agent will simply not know what type of insurance you will need for that particular property. This can cost you significant time and money in the long run. For instance, if you are a multifamily real estate investor, then it is suggested you get dog bite coverage, liquor liability if you have a pool, and a number of other liability and coverage types. All of this would give you the best rates possible  for the type of insurance you need. 

Real Estate Insurance Know-How

Watch the video below and learn exactly what your insurance agent should be asking and how it important it is to determine what type of real estate insurance you need before making any final decisions. Remember, if you need real estate insurance, we make it easy to shop for insurance and get the best rates possible.